Sun Capital-backed FFO adds on bedding retailer Service Furniture
FFO has acquired bedding and home furniture retailer Service Furniture and Bedding Inc. to expand the company's presence in the Kentucky region. The buyer is backed by Sun Capital Partners.
Service Furniture operates 28 stores under Furniture Liquidators and Mattress and More brands. Sun Capital invested in FFO in 2016. In another mattress related deal, in 2016, Steinhoff International bought Mattress firm for about $2.4 billion.
"Furniture Liquidators provides us strong critical mass in one of our key expansion markets, and fits us strategically as a leading value-oriented retailer. Mattress and More provides an important platform to accelerate the growth of our vertically integrated Bedding business," says FFO CEO Larry Zigerelli.
FFO, based Fort Smithm Arkansas, operates 47 stores across Arkansas, Missouri, Oklahoma, Texas, Tennessee, Mississippi, and Kansas. The company also manufactures bedding products under the Comfort Oil and Natural Elements brands.
Sun Capital, founded in 1995, is a global private equity firm based in Boca Raton, Florida. The private equity firm has more than $9.2 billion in capital under management and has invested in more than 300 companies across a variety of industries, including: consumer products and services, food and beverage, industrial, packaging, chemicals, building products, automotive, restaurant and retail.
Sun Capital targets companies with between $50 million and $500 million in sales, but also targets companies with up to $1.5 billion in revenues. The firm has recently agreed to sell Aclara Technologies LLC, provider of smart infrastructure technology, to Hubbell Power Systems Inc. for $1.1 billion.